Yes, if you are running backing on a large database that is also handling production traffic (not a very smart idea to begin with). This is especially important for backups created using snapshots based on copy-on-write algorithm.
Brian makes an important point in a comment to my post regarding backup. He points out "Backups are always onerous on IO" and that a better way to backup is to use slaves or a standby master (if using multi master replication).
If you *must* run backups on a production server, then ibbackup becomes very important as it doesn't affect performance as much as the evil snapshots created by snapshot tools like fssnap and LVM. I have found that in our case purchasing ibbackup licenses were worth every penny.
In our environment, running backups using copy-on-write snapshots was killing performance. Writes would start stalling several hours into the backup process. It didn't help that backups would take 27 hours to finish. I moved most systems to using ibbackup and for those systems running backups hasn't been an issue at all.
Of course, if you must backup production servers, take snapshots to backup everything except the databases. That way the snapshots will be held for a much smaller period and you can continue backing up databases using ibbackup.
What about mysqldump? I don't consider mysqldump an appropriate tool for periodic backups. I can see it working for small databases but running it on enterprise level databases for daily backups is just not going to be feasible.
I would love to discuss backups more at the conference. I also would like to evaluate some of the backup vendors exhibiting at the conference.